Blits Marketing Limited
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Notes to the Accounts |
for the year ended 28 February 2017
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These are the first financial statements that comply with FRS102 section 1A small enitites.
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes, in respect of services provided to customers.
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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Computer equipment |
20% reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax has not been recognised in respect of all timing differences between the recognition of income and expenses in the financial statements as in the opinion of the directors the potential provision is immaterial. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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2 |
Tangible fixed assets |
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Computer equipment |
£ |
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Cost |
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At 1 March 2016 |
1,160 |
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Additions |
400 |
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At 28 February 2017 |
1,560 |
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Depreciation |
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At 1 March 2016 |
304 |
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Charge for the year |
252 |
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At 28 February 2017 |
556 |
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Net book value |
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At 28 February 2017 |
1,004 |
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At 29 February 2016 |
856 |
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3 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Trade debtors |
60,190 |
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77,622 |
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4 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Trade creditors |
1,800 |
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900 |
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Corporation tax |
8,952 |
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12,518 |
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Other taxes and social security costs |
201 |
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125 |
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Other creditors |
27,688 |
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40,711 |
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38,641 |
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54,254 |
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5 |
Related party transactions |
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During the year, the company paid total dividends of £60,000 to the directors (Mrs F Griffiths received £54,000 and Miss J Griffiths received £6,000).
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6 |
Controlling party |
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The company is controlled by the directors.
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7 |
Other information |
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Blits Marketing Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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31 Abbey Road |
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Grimsby |
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N. E. Lincs |
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DN32 0HQ |